The country needs to take the bull by the horns so that the world market is not driven elsewhere like China or Indonesia. Having said that, in Industry 4.0 not everything can be done by suppliers or OEM by themselves. The partners are essential. There is also a potential for us to be successful in being the right partner for the industry worldwide.
The application of Industry 4.0 is already in progress in industrialized countries like Germany, US. We are presently at the start of such a development, which will gradually become conventional in industry. India seems to possess an inherent advantage in creating attractive frugal solutions with global appeal. India has a well-paid middle class, but the masses are struggling. Industry gets the masses into jobs therefore Modi decides to go for Make in India. The ‘Make in India’ initiative will also take in a character of smart manufacturing which will guarantee superior adoption of automation and world class manufacturing practices.
We, as an industry, need to do to accelerate time to market, reduce costs, raise quality, lower energy consumption and increase customization. Consider technologies that manage themselves, where smart products can take remedial action to evade damages and where individual parts are automatically replenished.